SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2002
IMPAC SECURED ASSETS CORP.
(as company (the "Company"), Impac Funding Corporation, as master
servicer (the "Master Servicer"), and Bankers Trust Company of
California, N.A., as trustee).
IMPAC SECURED ASSETS CORP
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-66328 33-0715871
(Commission File Number) (I.R.S. Employer Identification No.)
1401 DOVE STREET
NEWPORT BEACH 92660
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (949) 475-3600
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 2002.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of January 1, 2002.
Date: October 24, 2002 By: /s/ Katherine M. Wannenmacher
Katherine M. Wannenmacher
Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 2002.
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
February 25, 2002 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Contents
> 1
2. Certificate Payment
> Report 2
3. Collection Account
>Report 8
4. Credit Enhancement
>Report 11
5. Collateral Report
> 12
6. Delinquency Report
> 15
7. REO Report
> 18
8. Prepayment Report
> 19
9. Prepayment Detail R
>eport 22
10. Realized Loss Repor
>t 23
11. Realized Loss Detai
>l Report 26
12. Triggers, Adj. Rate
> Cert. and Miscellaneous Report 27
Total Number of Pag
>es 27
CONTACTS
Administrator: Ja
>mes F Noriega
Direct Phone Number
>: (714)247-6281
Address: Deutsche
> Bank
17
>61 E. St. Andrew Place, Santa Ana, CA 92705
Web Site: http://
>www-apps.gis.deutsche-bank.com/invr
Factor Information:
> (800) 735-7777
Main Phone Number:
> (714) 247-6000
ISSUANCE INFORMATION
Seller: Impac Secured Asset Corp.
> Cut-Off Date: January 1,
>2002
Certificate Insurer(s):
> Closing Date: January 31
>, 2002
> First Payment Date: February 25, 20
>02
Servicer(s): Impac Funding Corporation Mas
>ter Servicer
GMAC Sub-Servicer
> Distribution Date: February 25,
> 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: January 31
>, 2002
> Page 1 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT1A 173248267.5
>173248267.5 1129803.02 746723.0644 1876526.084 0
> 0 172501544.4
LT1B 1194.11
> 1194.11 8.03 3.545 11.575 0
> 0 1190.565
LT1C 538.39
> 538.39 3.27 0.7222 3.9922 0
> 0 537.6678
LT1D 20000000
> 20000000 130425.89 0 130425.89 0
> 0 20000000
LT1E 5000000
> 5000000 32606.47 0 32606.47 0
> 0 5000000
LT1F 1750000
> 1750000 11412.27 0 11412.27 0
> 0 1750000
LT1P 100
> 100 0.65 0 0.65 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000100
> 200000100 1304259.6 746727.3316 2050986.932 0
> 0 199253372.7
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
LT1A F-30/360
> 173248267.5 1000 6.521294766 4.310132939 10.
>8314277 995.6898671
LT1B F-30/360
> 1194.11 1000 6.724673606 2.968738223 9.6
>9341183 997.0312618
LT1C F-30/360
> 538.39 1000 6.073664073 1.341406787 7.41
>5070859 998.6585932
LT1D F-30/360
> 20000000 1000 6.5212945 0 6.
>5212945 1000
LT1E F-30/360
> 5000000 1000 6.521294 0 6
>.521294 1000
LT1F F-30/360
> 1750000 1000 6.521297143 0 6.52
>1297143 1000
LT1P F-30/360
> 100 1000 6.5 0
> 6.5 1000
R-1 F-30/360
> 0 0 0 0
> 0 0
> Page 2 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT1A 173248267.5 1129803.02
> 652893.96 93829.1044 746723.0644 1876526.084 0
> 0 172501544.4
LT1B 1194.11 8.03
> 3.1 0.445 3.545 11.575 0
> 0 1190.565
LT1C 538.39 3.27
> 0.63 0.0922 0.7222 3.9922 0
> 0 537.6678
LT1D 20000000 130425.89
> 0 0 0 130425.89 0
> 0 20000000
LT1E 5000000 32606.47
> 0 0 0 32606.47 0
> 0 5000000
LT1F 1750000 11412.27
> 0 0 0 11412.27 0
> 0 1750000
LT1P 100 0.65
> 0 0 0 0.65 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000100 1304259.6
> 652897.69 93829.6416 746727.3316 2050986.932 0
> 0 199253372.7
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
LT1A 0.078255536 173248267.5
> 1129803.02 0 0 0 1129803.02 112
>9803.02 0
LT1B 0.08065625 1194.11
> 8.03 0 0 0 8.03
> 8.03 0
LT1C 0.072942219 538.39
> 3.27 0 0 0 3.27
> 3.27 0
LT1D 0.078255536 20000000
> 130425.89 0 0 0 130425.89 13
>0425.89 0
LT1E 0.078255536 5000000
> 32606.47 0 0 0 32606.47 3
>2606.47 0
LT1F 0.078255536 1750000
> 11412.27 0 0 0 11412.27 1
>1412.27 0
LT1P 0.078255536 100
> 0.65 0 0 0 0.65
> 0.65 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000100
> 1304259.6 0 0 0 1304259.6 13
>04259.6 0
> Page 3 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT2-1AA 135091753.6
>135091753.6 764280.66 685719.12 1449999.78 0
> 0 134406034.5
LT2-AI1 308000
> 308000 1742.51 8939.43 10681.94 0
> 0 299060.57
LT2-AI2 179000
> 179000 1012.69 0 1012.69 0
> 0 179000
LT2-AI3 191000
> 191000 1080.58 0 1080.58 0
> 0 191000
LT2-AI4 255000
> 255000 1442.66 0 1442.66 0
> 0 255000
LT2-AI5 100000
> 100000 565.75 0 565.75 0
> 0 100000
LT2-AI6 252440
> 252440 1428.18 0 1428.18 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 233.96 0 233.96 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 155.97 0 155.97 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 136.48 0 136.48 0
> 0 24123.3692
LT2-1ZZ 1378487.281
>1378487.281 5856.48 6997.13 12853.61 0 19
>42.3005 1373432.452
LT2-2AA 60908246.43
>60908246.43 344587.98 46073.67 390661.65 0
> 0 60862172.76
LT2-AII 579560
> 579560 3278.86 600.64 3879.5 0
> 0 578959.36
LT2-2M1 18645.6527
> 18645.6527 105.49 0 105.49 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.33 0 70.33 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.53 0 61.53 0
> 0 10876.6308
LT2-2ZZ 621512.7187
>621512.7187 3385.7 470.14 3855.84 0 1
>30.5038 621173.0824
LT2A-IO 0
> 0 172760.42 0 172760.42 0
> 0 0
LT2P 100
> 100 0.57 0 0.57 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000100
> 200000100 1302186.8 748800.13 2050986.93 0 20
>72.8043 199253372.7
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
LT2-1AA F-30/360
> 135091753.6 1000 5.657493073 5.075950988 10.7
>3344406 994.924049
LT2-AI1 F-30/360
> 308000 1000 5.6575 29.02412338 34.6
>8162338 970.9758766
LT2-AI2 F-30/360
> 179000 1000 5.657486034 0 5.65
>7486034 1000
LT2-AI3 F-30/360
> 191000 1000 5.657486911 0 5.65
>7486911 1000
LT2-AI4 F-30/360
> 255000 1000 5.657490196 0 5.65
>7490196 1000
LT2-AI5 F-30/360
> 100000 1000 5.6575 0
> 5.6575 1000
LT2-AI6 F-30/360
> 252440 1000 5.657502773 0 5.65
>7502773 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.657446321 0 5.65
>7446321 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.657325429 0 5.65
>7325429 1000
LT2-1B F-30/360
> 24123.3692 1000 5.657584514 0 5.65
>7584514 1000
LT2-1ZZ F-30/360
> 1378487.281 1000 4.248483159 5.075948175 9.32
>4431335 996.3330605
LT2-2AA F-30/360
> 60908246.43 1000 5.657493036 0.756443876 6.41
>3936912 999.2435561
LT2-AII F-30/360
> 579560 1000 5.657498792 1.03637242 6.69
>3871213 998.9636276
LT2-2M1 F-30/360
> 18645.6527 1000 5.657619055 0 5.65
>7619055 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.657887183 0 5.65
>7887183 1000
LT2-2B F-30/360
> 10876.6308 1000 5.657082706 0 5.65
>7082706 1000
LT2-2ZZ F-30/360
> 621512.7187 1000 5.447515229 0.756444697 6.20
>3959925 999.4535328
LT2A-IO F-30/360
> 26750000 1000 6.458333458 0 6.45
>8333458 1000
LT2P F-30/360
> 100 1000 5.7 0
> 5.7 1000
R-2 F-30/360
> 0 0 0 0
> 0 0
> Page 4 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT2-1AA 135091753.6 764280.66
> 628207.23 57511.89 685719.12 1449999.78 0
> 0 134406034.5
LT2-AI1 308000 1742.51
> 8189.67 749.76 8939.43 10681.94 0
> 0 299060.57
LT2-AI2 179000 1012.69
> 0 0 0 1012.69 0
> 0 179000
LT2-AI3 191000 1080.58
> 0 0 0 1080.58 0
> 0 191000
LT2-AI4 255000 1442.66
> 0 0 0 1442.66 0
> 0 255000
LT2-AI5 100000 565.75
> 0 0 0 565.75 0
> 0 100000
LT2-AI6 252440 1428.18
> 0 0 0 1428.18 0
> 0 252440
LT2-1M1 41354.3473 233.96
> 0 0 0 233.96 0
> 0 41354.3473
LT2-1M2 27569.5648 155.97
> 0 0 0 155.97 0
> 0 27569.5648
LT2-1B 24123.3692 136.48
> 0 0 0 136.48 0
> 0 24123.3692
LT2-1ZZ 1378487.281 5856.48
> 6410.27 586.86 6997.13 12853.61 0 19
>42.3005 1373432.452
LT2-2AA 60908246.43 344587.98
> 11887.05 34186.62 46073.67 390661.65 0
> 0 60862172.76
LT2-AII 579560 3278.86
> 154.97 445.67 600.64 3879.5 0
> 0 578959.36
LT2-2M1 18645.6527 105.49
> 0 0 0 105.49 0
> 0 18645.6527
LT2-2M2 12430.4352 70.33
> 0 0 0 70.33 0
> 0 12430.4352
LT2-2B 10876.6308 61.53
> 0 0 0 61.53 0
> 0 10876.6308
LT2-2ZZ 621512.7187 3385.7
> 121.3 348.84 470.14 3855.84 0 1
>30.5038 621173.0824
LT2A-IO 0 172760.42
> 0 0 0 172760.42 0
> 0 0
LT2P 100 0.57
> 0 0 0 0.57 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000100 1302186.8
> 654970.49 93829.64 748800.13 2050986.93 0 20
>72.8043 199253372.7
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
LT2-1AA 0.067889917 135091753.6
> 764280.66 0 0 0 764280.66 76
>4280.66 0
LT2-AI1 0.067889917 308000
> 1742.51 0 0 0 1742.51
>1742.51 0
LT2-AI2 0.067889917 179000
> 1012.69 0 0 0 1012.69
>1012.69 0
LT2-AI3 0.067889917 191000
> 1080.58 0 0 0 1080.58
>1080.58 0
LT2-AI4 0.067889917 255000
> 1442.66 0 0 0 1442.66
>1442.66 0
LT2-AI5 0.067889917 100000
> 565.75 0 0 0 565.75
> 565.75 0
LT2-AI6 0.067889917 252440
> 1428.18 0 0 0 1428.18
>1428.18 0
LT2-1M1 0.067889917 41354.3473
> 233.96 0 0 0 233.96
> 233.96 0
LT2-1M2 0.067889917 27569.5648
> 155.97 0 0 0 155.97
> 155.97 0
LT2-1B 0.067889917 24123.3692
> 136.48 0 0 0 136.48
> 136.48 0
LT2-1ZZ 0.067889917 1378487.281
> 7798.78 0 0 1942.3005 5856.48 77
>98.7805 0
LT2-2AA 0.067889917 60908246.43
> 344587.98 0 0 0 344587.98 34
>4587.98 0
LT2-AII 0.067889917 579560
> 3278.86 0 0 0 3278.86
>3278.86 0
LT2-2M1 0.067889917 18645.6527
> 105.49 0 0 0 105.49
> 105.49 0
LT2-2M2 0.067889917 12430.4352
> 70.33 0 0 0 70.33
> 70.33 0
LT2-2B 0.067889917 10876.6308
> 61.53 0 0 0 61.53
> 61.53 0
LT2-2ZZ 0.067889917 621512.7187
> 3516.2 0 0 130.5038 3385.7 35
>16.2038 0
LT2A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
LT2P 0.067889917 100
> 0.57 0 0 0 0.57
> 0.57 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 226750100
> 1304259.6 0 0 2072.8043 1302186.8 1304
>259.604 0
> Page 5 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
A-I-1 FLT 30800000
> 30800000 44061.11 893943.0291 938004.1391 0
> 0 29906056.97
A-I-2 AFC, SEQ 17900000
> 17900000 68467.5 0 68467.5 0
> 0 17900000
A-I-3 AFC, SEQ 19100000
> 19100000 88655.83 0 88655.83 0
> 0 19100000
A-I-4 STEP,AFC 25500000
> 25500000 133662.5 0 133662.5 0
> 0 25500000
A-I-5 STEP,AFC 10000000
> 10000000 56250 0 56250 0
> 0 10000000
A-I-6 STEP,AFC 25244000
> 25244000 147887.76 0 147887.76 0
> 0 25244000
A-II STEP,AFC 57956000
> 57956000 313928.33 60064.3025 373992.6325 0
> 0 57895935.7
A-IO IO,NTL,DRB 0
> 0 172760.42 0 172760.42 0
> 0 0
M-1 MEZ,STEP,AF 6000000
> 6000000 35000 0 35000 0
> 0 6000000
M-2 MEZ,STEP,AF 4000000
> 4000000 23333.33 0 23333.33 0
> 0 4000000
B MEZ,STEP,AF 3500000
> 3500000 20416.67 0 20416.67 0
> 0 3500000
C SUB 0
> 0 0 0 0 0
> 207280 207280
P SUB 100
> 100 0 0 0 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000100
> 200000100 1104423.45 954007.3316 2058430.782 0
> 207280 199253372.7
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
A-I-1 37287 37311 F-30/360 4525
>4TKM5 30800000 1000 1.430555519 29.02412432 30.4
>5467984 970.9758757
A-I-2 F-30/360 4525
>4TKN3 17900000 1000 3.825 0
> 3.825 1000
A-I-3 F-30/360 4525
>4TKP8 19100000 1000 4.641666492 0 4.64
>1666492 1000
A-I-4 F-30/360 4525
>4TKQ6 25500000 1000 5.241666667 0 5.24
>1666667 1000
A-I-5 F-30/360 4525
>4TKR4 10000000 1000 5.625 0
> 5.625 1000
A-I-6 F-30/360 4525
>4TKX1 25244000 1000 5.858333069 0 5.85
>8333069 1000
A-II F-30/360 4525
>4TKS2 57956000 1000 5.416666609 1.03637764 6.45
>3044249 998.9636224
A-IO F-30/360 4525
>4TKT0 26750000 1000 6.458333458 0 6.45
>8333458 1000
M-1 F-30/360 4525
>4TKU7 6000000 1000 5.833333333 0 5.83
>3333333 1000
M-2 F-30/360 4525
>4TKV5 4000000 1000 5.8333325 0 5.
>8333325 1000
B F-30/360 4525
>4TKW3 3500000 1000 5.833334286 0 5.83
>3334286 1000
C F-30/360 4525
>4TKZ6 200000100 1000 0 0
> 0 997.3027647
P F-30/360 4525
>4TKY9 100 1000 0 0
> 0 1000
R-3 F-30/360 4525
>4TLA0 0 0 0 0
> 0 0
> Page 6 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for February 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
A-I-1 30800000 44061.11
>806020.9031 87922.12601 893943.0291 938004.1391 0
> 0 29906056.97
A-I-2 17900000 68467.5
> 0 0 0 68467.5 0
> 0 17900000
A-I-3 19100000 88655.83
> 0 0 0 88655.83 0
> 0 19100000
A-I-4 25500000 133662.5
> 0 0 0 133662.5 0
> 0 25500000
A-I-5 10000000 56250
> 0 0 0 56250 0
> 0 10000000
A-I-6 25244000 147887.76
> 0 0 0 147887.76 0
> 0 25244000
A-II 57956000 313928.33
>54156.78854 5907.513961 60064.3025 373992.6325 0
> 0 57895935.7
A-IO 0 172760.42
> 0 0 0 172760.42 0
> 0 0
M-1 6000000 35000
> 0 0 0 35000 0
> 0 6000000
M-2 4000000 23333.33
> 0 0 0 23333.33 0
> 0 4000000
B 3500000 20416.67
> 0 0 0 20416.67 0
> 0 3500000
C 0 0
> 0 0 0 0 0
> 207280 207280
P 100 0
> 0 0 0 0 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 200000100 1104423.45
>860177.6916 93829.63998 954007.3316 2058430.782 0
> 207280 199253372.7
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
A-I-1 0.0206 30800000
> 44061.11 0 0 0 44061.11 4
>4061.11 0
A-I-2 0.0459 17900000
> 68467.5 0 0 0 68467.5
>68467.5 0
A-I-3 0.0557 19100000
> 88655.83 0 0 0 88655.83 8
>8655.83 0
A-I-4 0.0629 25500000
> 133662.5 0 0 0 133662.5 1
>33662.5 0
A-I-5 0.0675 10000000
> 56250 0 0 0 56250
> 56250 0
A-I-6 0.067889917 25244000
> 142817.75 0 0 5070.01 142817.75 14
>7887.76 0
A-II 0.065 57956000
> 313928.33 0 0 0 313928.33 31
>3928.33 0
A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
M-1 0.067889917 6000000
> 33944.96 0 0 1055.04 33944.96
> 35000 0
M-2 0.067889917 4000000
> 22629.97 0 0 703.36 22629.97 2
>3333.33 0
B 0.067889917 3500000
> 19801.23 0 0 615.44 19801.23 2
>0416.67 0
C 0.012436794 200000100
> 207280 0 0 0 207280.01
> 207280 207280.01
P 100
> 0 0 0 0 0
> 0 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 426750200
> 1304259.6 0 0 7443.85 1304259.61 131
>1703.45 207280.01
> Page 7 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for February 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 46,828.64 699,299.28 746,127.92
Other Principal Deposits
> 185.31 414.10 599.41
TOTAL NET PRINCIPAL
> 47,013.95 699,713.38 746,727.33
Interest Collections
> 393,062.57 942,147.93 1,342,654.35
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (9,232.18) (21,718.71) (30,950.89)
TOTAL NET INTEREST
> 383,830.39 920,429.22 1,311,703.46
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 430,844.34 1,620,142.60 2,058,430.79
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 34,981.14 58,848.50 93,829.64
Curtailments
> 11,847.50 2,235.78 14,083.28
Prepayments In Full
> 0.00 584,065.00 584,065.00
Repurchases/Substitutions
> 0.00 54,150.00 54,150.00
Liquidations
> 0.00 0.00 0.00
Insurance Principal
> 0.00 0.00 0.00
Other Principal
> 0.00 0.00 0.00
Delinquent Principal
> (4,970.10) (12,909.48) (17,879.58)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 185.31 414.10 599.41
Principal Advanced
> 4,970.10 12,909.48 17,879.58
TOTAL PRINCIPAL COLLECTED
> 47,013.95 699,713.38 746,727.33
Page 8 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for February 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Interest
> 307,899.34 754,095.16 1,061,994.50
Repurchases/Substitutions
> 0.00 361.00 361.00
Liquidation Interest
> 0.00 0.00 0.00
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 0.00 0.00
Prepayment Interest Shortfalls
> 0.00 (837.86) (837.86)
Delinquent Interest
> (108,075.33) (345,881.23) (453,956.56)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 0.00 837.86 837.86
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 0.00
Pre-funding Intererst Coverage
> 89,028.53 198,940.86 287,969.39
Interest Advanced
> 104,210.03 334,632.14 438,842.17
Net WAC Shortfall
> 0.00 0.00 7,443.85
TOTAL INTEREST COLLECTED
> 393,062.57 942,147.93 1,342,654.35
Page 9 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for February 25, 2002 Distribution
Collection Account Report
INTEREST - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
Undistributed Receipts on Repurchased Loans
> 0.00 0.00 0.00
Reimburse Advances from Late Collections
> 0.00 0.00 0.00
Reimbursement for Expenses
> 0.00 0.00 0.00
Reimbursements to Sub-Servicer
> 0.00 0.00 0.00
Reimburse Fees and Advances from Late Collections
> 0.00 0.00 0.00
Interest Earnings on the Custodial Account
> 0.00 0.00 0.00
Prev. Unreimbursed P&I Advances
> 0.00 0.00 0.00
Prev. Unreimbursed Servicing Advances
> 0.00 0.00 0.00
TOTAL INTEREST WITHDRAWALS
> 0.00 0.00 0.00
INTEREST - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES
> GROUP 2 GROUP 1 TOTAL
Radian PMI Fee
> 1,258.77 6,763.62 8,022.39
Trustee Fee Amount
> 517.93 1,148.74 1,666.67
Current Servicing Fees
> 11,320.79 25,055.44 36,376.23
Delinquent Servicing Fees
> (3,865.31) (11,249.09) (15,114.40)
TOTAL INTEREST OTHER FEES
> 9,232.18 21,718.71 30,950.89
Page 10 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Credit Enhancement Report for February 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
> GROUP 2 GROUP 1 TOTAL
Overcollateralization Amount
> 207,281.36
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 999,998.64
Overcollateralization Target Amount
> 1,000,000.00
Page 11 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for February 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 0 0 0
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> 0 -3 -3
Repurchases
> 0 -1 -1
Liquidations
> 0 0 0
Current
> 120 691 811
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 0 0 0
Prefunding
> 0 0 0
Scheduled Principal
> -34981.14 -58848.5 -93829.64
Partial and Full Voluntary Prepayments
> -11847.5 -586300.78 -598148.28
Repurchases
> 0 -54150 -54150
Liquidations
> 0 0 0
Current
> 48470829.79 106681184.7 155152014.4
PREFUNDING
> GROUP 2 GROUP 1 TOTAL
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount
> 44,101,959.00
Balance of Subsequent Mortgage Loans added this period
> 0.00
Withdrawal remaining amounts
> 599.41
Pre-Funding Account Ending Balance
> 44,101,359.59
Group 1
Group 2
Current Prin Balance by Groups (in millions of dollars) Tota
>l Current Principal Balance (in millions of dollars)
Page 12 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for February 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Coupon Original
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Prior
Weighted Average Coupon Current
> 0.076153553 0.084312099 0.081773046
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 0 0 0
Weighted Average Months to Maturity Current
> 344 340 341.2496346
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 0 0 0
Weighted Avg Remaining Amortization Term Current
> 345.1975174 348.1456083 347.2245992
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 0 0 0
Weighted Average Seasoning Current
> 1.84278944 1.99128947 1.944896778
Note: Original information refers to deal issue.
Group 1
Group 2
WAC by Groups Tota
>l WAC
WARAT by Groups Tota
>l WARAT
Note: Dates correspond to distribution dates.
Page 13 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for February 25, 2002 Distribution
Collateral Report
ARM CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Margin Original
Weighted Average Margin Prior
Weighted Average Margin Current
Weighted Average Max Rate Original
Weighted Average Max Rate Prior
Weighted Average Max Rate Current
Weighted Average Min Rate Original
Weighted Average Min Rate Prior
Weighted Average Min Rate Current
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES
> GROUP 2 GROUP 1 TOTAL
Current Servicing Fees
> 7,455.48 13,806.36 21,261.84
Delinquent Servicing Fees
> 3,865.31 11,249.09 15,114.40
TOTAL SERVICING FEES
> 11,320.79 25,055.45 36,376.24
Total Servicing Fees
> 11,320.79 25,055.45 36,376.24
Compensating Interest
> 0.00 837.86 837.86
Delinquent Servicing Fees
> (3,865.31) (11,249.09) (15,114.40)
COLLECTED SERVICING FEES
> 7,455.48 14,644.22 22,099.70
Current PPIS
> 0.00 (837.86) (837.86)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 4,970.10 12,909.48 17,879.58
Total Advanced Interest For Current Payment Date
> 104,210.03 334,632.14 438,842.17
TOTAL ADVANCES FOR CURRENT PERIOD
> 109,180.13 347,541.62 456,721.75
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.2942% 8.0656% 7.8256%
Page 14 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for February 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 15 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for February 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 16 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for February 25, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 17 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REO Report for February 25, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 0 Loan Group 1
>= Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00 Loan Group 2
> = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that be
>come REO during current distribution.
Loan Number Original Stated Curr
>ent State &
& Principal Principal Paid to Note
> LTV at Original Origination
Loan Group Balance Balance Date Rate
> Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page 18 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for February 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 0 3 3
Number of Repurchased Loans
> 0 1 1
Total Number of Loans Prepaid in Full
> 0 4 4
Paid in Full Balance
> 0 584065 584065
Repurchased Loans Balance
> 0 54150 54150
Curtailments Amount
> 11847.5 2235.78 14083.28
Total Prepayment Amount
> 11847.5 640450.78 652298.28
Cumulative
Number of Paid in Full Loans
> 0 3 3
Number of Repurchased Loans
> 0 1 1
Total Number of Loans Prepaid in Full
> 0 4 4
Paid in Full Balance
> 0 584065 584065
Repurchased Loans Balance
> 0 54150 54150
Curtailments Amount
> 11847.5 2235.78 14083.28
Total Prepayment Amount
> 11847.5 640450.78 652298.28
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 19 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for February 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.000244366 0.005967583 0.004186651
3 Months Avg SMM
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.000244366 0.005967583 0.004186651
CPR
> 0.00292845 0.069306734 0.049098954
3 Months Avg CPR
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.00292845 0.069306734 0.049098954
PSA
> 0.794569783 17.40247599 12.622509
3 Months Avg PSA Approximation
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 0.794569783 17.40247599 12.622509
Group 1
Group 2
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 20 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for February 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
Group 1
Group 2
CPR Avg since Cut-Off by Groups Tota
>l CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups Tota
>l PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full p
>repayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn
>,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (Avg
>CPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and
>mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)++min(30,WASm)
>/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and
> include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
Page 21 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Detail Report for February 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 4
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 638,650.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 638,215.00
Loan Number Original
> Current State & Type Prepayment
& Loan Principal Prepayment Prep
>ayment Note LTV at & Origination
Loan Group Status Balance Amount Date
> Rate Origination Original Term Date
1100342222 1 REO 161250 161048.84
> 37277 0.08375VA - 79.99% Paid Off - 36 37249
1100342226 1 REO 213250 213016.16
> 37280 0.09NC - 94.99% Paid Off - 36 37246
1109004447 1 REO 210000 210000
> 37285 0.0775VA - 100.00% Paid Off - 36 37246
2500011612 1 54150 54150
> 37287 0.08FL - 95.00% Repur/Subs - 37244
Page
> 22 of 27 (c) COPYRIGHT 2002 Deutsc
>he Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for February 25, 2002 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> GROUP 2 GROUP 1 TOTAL
Current
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Cumulative
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Note: Collateral realized losses may include adjustments to loan
>s liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
Group 1
> 3 Months Moving Average
Group 2
Collateral Loss Severity Approximation by Groups Coll
>ateral Loss Severity Approximation
Page 23 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for February 25, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> GROUP 2 GROUP 1 TOTAL
MDR
> 0 0 0
3 Months Avg MDR
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0 0
CDR
> 0 0 0
3 Months Avg CDR
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0 0
SDA
> 0 0 0
3 Months Avg SDA Approximation
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 0 0 0
Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
Group 1
Group 2
CDR by Groups Tota
>l CDR
SDA by Groups Tota
>l SDA
Page 24 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for February 25, 2002 Distribution
Realized Loss Report - Collateral
Group 1
Group 2
CDR Avg since Cut-Off by Groups Tota
>l CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups Tota
>l SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquida
>ted Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.
>02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn
>,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (Avg
>CDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and
>mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX
>(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +..+ WASm )/(number of months
> in the period n,m)
Loss Severity Approximation for current period: sum(Realized Los
>s Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth mont
>h and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and in
>clude realized gains and additional realized losses and gains from priorperiod
>s.
Dates correspond to distribution dates.
Page 25 of 27
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Detail Report for February 25, 2002 Distribution
Realized Loss Detail Report - Loans Liquidated During Current
>Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 0
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
> Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Loan Number Original Prior
> Current State &
& Loan Principal Principal Real
>ized Note LTV at Original Origination
Loan Group Status Balance Balance Loss
>/(Gain) Rate Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page
> 26 of 27 (c) COPYRIGHT 2002 Deutsc
>he Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Triggers, Adj. Rate Cert. and Miscellaneous Report for February
>25, 2002 Distribution
Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS
> GROUP 2 GROUP 1 TOTAL
Optional Termination Date Reached
> No No No
After the 36th Distribution
> No No No
Stepdown date occurred
> No No No
Trigger Event in Effect
> No No No
ADJUSTABLE RATE CERTIFICATE INFORMATION
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
NET WAC SHORTFALL RESERVE FUND
Original Net WAC Shortfall Reserve Fund Balance
> 210,000.00
Net WAC Shortfall Reserve Fund Beginning Balance
> 210,000.00
Net WAC Shortfall
> 7,443.85
Net WAC Shortfall Reserve Fund Ending Balance
> 202,556.15
Page 27 of 27
> (c) COPYRIGHT 2002 Deutsche Bank